July Job Gains Steady, Unemployment at 5.3%

In July, American companies added 215,000 jobs for the month, while the unemployment rate remained at 5.3 percent, the U.S. Labor Department reported.

These results were slightly short of expectations. In addition, the labor force participation rate also remained flat at 62.6, its lowest level since 1977.

Economists polled by Reuters expected nonfarm payroll gains of 223,000 in July, with the unemployment rate at 5.3 percent. Currently, some believe stocks are retreating due to an impending Federal Reserve rate hike.

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